Financial Performance - Net income for the three months ended September 30, 2025, was $83,573 thousand, a 124.0% increase compared to $37,272 thousand for the same period in 2024[11]. - Comprehensive income for the three months ended September 30, 2025, was $108,548 thousand, compared to $90,676 thousand for the same period in 2024, reflecting a growth of 19.7%[12]. - For the nine months ended September 30, 2025, net income reached $131,995,000, compared to $101,881,000 for the same period in 2024, marking a year-over-year increase of 29.5%[16]. - Net income for Q3 2025 was $70.110 million, representing a 15.5% increase compared to $60.745 million in Q3 2024[57]. - Wesbanco reported net income available to common shareholders of $81.0 million or $0.84 per diluted share for Q3 2025, compared to $34.7 million or $0.54 per diluted share for Q3 2024, representing a 133.2% increase in net income year-over-year[184]. Asset Growth - Total assets increased to $27,518,042 thousand as of September 30, 2025, up from $18,684,298 thousand at December 31, 2024, representing a growth of 47.0%[9]. - Total shareholders' equity increased to $4,116,527 thousand as of September 30, 2025, from $2,790,281 thousand at December 31, 2024, representing a growth of 47.5%[9]. - Total deposits rose to $21,284,262 thousand as of September 30, 2025, a significant increase of 50.5% from $14,133,717 thousand at December 31, 2024[9]. - The total portfolio loans amounted to $18.932 billion as of September 30, 2025, compared to $12.656 billion as of December 31, 2024, reflecting significant growth[80]. Loan and Credit Quality - Net portfolio loans increased to $18,714,408 thousand as of September 30, 2025, compared to $12,517,663 thousand at December 31, 2024, reflecting a growth of 49.4%[9]. - The provision for credit losses for the nine months ended September 30, 2025, was $74,183 thousand, compared to $19,352 thousand for the same period in 2024, indicating a substantial increase in credit loss provisions[11]. - The total allowance for credit losses for loans and loan commitments at September 30, 2025, is $138,766 thousand, an increase from $149,097 thousand at December 31, 2024[78]. - Non-performing loans increased to 0.50% of total portfolio loans as of September 30, 2025, up from 0.24% at September 30, 2024[202]. Income and Revenue Streams - Total interest and dividend income for the nine months ended September 30, 2025, reached $932,500 thousand, up 52.5% from $612,055 thousand in the same period of 2024[11]. - Non-interest income for the nine months ended September 30, 2025, totaled $123,486 thousand, up 34.7% from $91,596 thousand in the same period of 2024[11]. - Non-interest income for Q3 2025 increased by $15.3 million or 51.5% compared to Q3 2024, largely due to the acquisition of PFC and increased consumer spending[188]. Acquisition and Integration - Wesbanco completed the acquisition of Premier Financial Corp. (PFC) on February 28, 2025, valued at $1.0 billion, with PFC holding approximately $7.9 billion in assets[38]. - The acquisition resulted in Wesbanco issuing 28,738,104 shares of common stock, with PFC shareholders representing approximately 30% of the voting interests in Wesbanco[38]. - Wesbanco recorded $481.4 million in goodwill and $145.6 million in core deposit intangibles as part of the acquisition[38]. - The company anticipates net pre-tax savings of approximately $6 million from the closure of 27 locations, expected to be completed by January 2026[182]. Expenses and Cost Management - Non-interest expense, excluding restructuring and merger-related costs, was $144.8 million for Q3 2025, a 46.0% increase year-over-year, primarily due to the addition of PFC's expense base[189]. - The effective tax rate for the first nine months of 2025 was 19.8%, up from 17.3% in the same period of 2024, reflecting increased pretax income[190]. Market Position and Strategy - The acquisition is expected to enhance Wesbanco's market share in Ohio and expand into contiguous markets in northwestern Ohio and Michigan[38]. - The company is focusing on expanding its market presence, particularly in commercial real estate, as evidenced by the significant increases in loan balances across various segments[98]. - Future outlook suggests continued growth in modified loans, with a strategic emphasis on managing delinquency rates and enhancing credit quality[98].
WESBANCO REPSTG(WSBCP) - 2025 Q3 - Quarterly Report